NEW DELHI: The apex body of chartered accountants ICAI is in the process of making changes to the Indian accounting standards as part of efforts to converge with international norms. The government wants companies to adopt the new Indian Accounting Standards (Ind AS) - converged with IFRS - voluntarily start from the 2015-16 fiscal and it would be mandatory from 2016-17. The council of the Institute of Chartered Accountants of India has so far finalised seven...

NEW DELHI: Taking forward the implementation of new accounting standards, the government expects to notify the Income Computation and Disclosure Standards (ICDS) by March 15. Last week, the government had notified the rules for Indian Accounting Standards (Ind AS) -- that are converged with global standards IFRS. The government today said efforts are being made to notify ICDS by mid-March. "These standards would be...

KOLKATA: India Inc applauded Union Budget 2014-15 proposal to converge Indian accounting standards with international standards. Walker Chandiok & Co LLP partner Ashish Gupta claims the convergence will improve financial reporting by Indian companies which is critical for attracting foreign capital into the country. "While the details are to be known, the announcement is in line with the ICAI proposal on the revised convergence roadmap and would fulfill...

NEW DELHI: The apex body for chartered accountants ICAI today said the new accounting regime will change the way firms report their financial statements as the new norms require them to make more disclosures. The new regime would bring in accounting based on 'fair value' model in various cases as well as separate standards for financial instruments. The system has made departure from the International Financial Reporting...

NEW DELHI: The apex body for chartered accountants ICAI today said the new accounting regime will change the way firms report their financial statements as the new norms require them to make more disclosures. The new regime would bring in accounting based on 'fair value' model in various cases as well as separate standards for financial instruments. The system has made departure from the International Financial Reporting Standards with respect to...

KOLKATA: The government is planning to come out with a notification for implementation of the proposed Indian Accounting Standards (Ind-AS) in a month's time, a top government official said today. "The notification for Ind-AS is going to happen in a month," Ministry of Corporate Affairs Joint Secretary A S Bhatia said on the sidelines of a seminar on corporate governance organised by the CII and the Institute of Cost Accountants. Ind-AS adoption will bring India...

KOCHI: With India set to usher in a new era of accounting reforms with the adoption of new Indian Accounting Standards converged with International Financial Reporting Standards, the Institute of Chartered Accountants of India forsees a global demand for Indian CAs. The new standards are to be converged with IFRS from 2015-16 on a voluntary basis and from 2016-17 mandatorily, and the ICAI was fully geared to facilitate the process in...

By: Rajat Arora NEW DELHI: The corporate affairs ministry will unveil a road map next week for implementing the new Indian Accounting Standards, a senior government official has told ET. The blueprint will prescribe the class of companies that will be required to follow the new standards and the timelines within which they will need to adopt them. The new Indian Accounting Standards (Ind-AS), which will be converged with the...

NEW DELHI: Only 22 per cent of domestic companies have an operational plan for transition to Indian Accounting Standards (Ind AS) despite a whopping 65 per cent believing it will open up avenues for accessing capital from international markets, says a survey by Grant Thornton. According to the assurance, tax, and advisory firm, only 22 per cent respondents have an operational plan for transition to IndAS, while just 13 per cent have initiated the impact...

MUMBAI: Pharma major Dr Reddy's Laboratories on Wednesday reported a consolidated net loss of Rs 233 crore for the quarter ended December 31, 2009, while it had a net profit of Rs 159 crore in the same period last year. ( Watch ) As per Indian accounting standards, total income of the company decreased to Rs 1,767 crore for the quarter ended December 31, against Rs 1,855.28 crore in the same period previous fiscal, Dr Reddy's said in a filing to the Bombay Stock Exchange.

NEW DELHI: Corporate houses will soon lose the leeway they have in getting away with errors they detect in previous years' financial statements. From April 2010, a company will have to restate the profit and loss account for a past year in case it subsequently detect an error ? something the investors and regulators may not take lightly. Today, companies need to offer only a clarification for the error in a past-year financial statement. Restatement of profits,...

NEW DELHI: Gearing up to implement the new set of accounting standards that are converged with global norms, the government is likely to keep the number of "carve outs" to the minimum. Carve outs are put in place after taking into consideration the differences in application of accounting principles and prevailing economic conditions. The notifications for implementation of the Indian Accounting Standards (Ind AS), for which the government came with a road map...

NEW DELHI: Only 22 per cent of domestic companies have an operational plan for transition to Indian Accounting Standards (Ind AS) despite a whopping 65 per cent believing it will open up avenues for accessing capital from international markets, says a survey by Grant Thornton. According to the assurance, tax, and advisory firm, only 22 per cent respondents have an operational plan for transition to IndAS, while just 13 per cent have initiated the impact assessment...

KOCHI: With India set to usher in a new era of accounting reforms with the adoption of new Indian Accounting Standards converged with International Financial Reporting Standards, the Institute of Chartered Accountants of India forsees a global demand for Indian CAs. The new standards are to be converged with IFRS from 2015-16 on a voluntary basis and from 2016-17 mandatorily, and the ICAI was fully geared to facilitate the process in...

By: Rajat Arora NEW DELHI: The corporate affairs ministry will unveil a road map next week for implementing the new Indian Accounting Standards, a senior government official has told ET. The blueprint will prescribe the class of companies that will be required to follow the new standards and the timelines within which they will need to adopt them. The new Indian Accounting Standards (Ind-AS), which will be converged with the...

NEW DELHI: The apex body of chartered accountants ICAI is in the process of making changes to the Indian accounting standards as part of efforts to converge with international norms. The government wants companies to adopt the new Indian Accounting Standards (Ind AS) - converged with IFRS - voluntarily start from the 2015-16 fiscal and it would be mandatory from 2016-17. The council of the Institute of Chartered Accountants of India has so far finalised...

NEW DELHI: Taking forward the implementation of new accounting standards, the government expects to notify the Income Computation and Disclosure Standards (ICDS) by March 15. Last week, the government had notified the rules for Indian Accounting Standards (Ind AS) -- that are converged with global standards IFRS. The government today said efforts are being made to notify ICDS by mid-March. "These standards would be...

NEW DELHI: Corporate affairs minister Salman Khurshid said on Thursday that the government will soon enact the pending Valuation Professionals Bill, that aims to make the business of asset valuation ahead of corporate mergers, acquisitions and restructure more organised and transparent. Now many shareholders remain uninformed about how the worth of a company has been assessed based on its assets, earning potential and the present market value. The draft Bill covers valuation...

By N Venkatram The proposal of the Finance Minister that companies adopt the new Indian Accounting Standards (Ind AS) by the year 2016-17 is a welcome step towards India's convergence to international standards of accounting. These standards were published some years ago, and will require to be updated for the more recent developments in IFRS by the regulatory body yet to be created under the Companies Act 2013. It is therefore unlikely that we...

KOLKATA: India Inc applauded Union Budget 2014-15 proposal to converge Indian accounting standards with international standards. Walker Chandiok & Co LLP partner Ashish Gupta claims the convergence will improve financial reporting by Indian companies which is critical for attracting foreign capital into the country. "While the details are to be known, the announcement is in line with the ICAI proposal on the revised convergence roadmap and would fulfill...